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HF Sinclair (DINO) Announces Tender Offer Results

HF Sinclair Corporation (NYSE: DINO) has announced the early results of its cash tender offer to purchase outstanding notes. According to the information provided by D.F. King & Co., Inc., the aggregate principal amount of each series of notes that were validly tendered and not validly withdrawn as of the early tender deadline is as follows:

  • 6.375% Senior Notes due 2027:
  • Aggregate Principal Amount Outstanding Prior to the Tender Offer: $399,875,000
  • Aggregate Principal Amount Tendered as of the Early Tender Deadline: $361,067,000
  • Aggregate Principal Amount Expected to be Accepted for Purchase: $150,000,000
  • Final Proration Factor: 41.5%

  • 5.875% Senior Notes due 2026 (HF Sinclair):

  • Aggregate Principal Amount Outstanding Prior to the Tender Offer: $797,100,000
  • Aggregate Principal Amount Tendered as of the Early Tender Deadline: $448,090,000
  • Aggregate Principal Amount Expected to be Accepted for Purchase: $448,090,000
  • Final Proration Factor: 100%

  • 5.875% Senior Notes due 2026 (HollyFrontier):

  • Aggregate Principal Amount Outstanding Prior to the Tender Offer: $202,900,000
  • Aggregate Principal Amount Tendered as of the Early Tender Deadline: $48,496,000
  • Aggregate Principal Amount Expected to be Accepted for Purchase: $48,496,000
  • Final Proration Factor: 100%

The corporation expects to accept for payment notes validly tendered and not validly withdrawn as shown above on January 28, 2025, the early settlement date. The tender offer will remain open until 5:00 p.m., New York City time, on February 7, 2025. Each holder who validly tenders its notes after the early tender deadline will not be eligible to receive the early tender premium of $30 per $1,000 principal amount of notes.

BofA Securities and Citigroup are the lead dealer managers for the tender offer, and D.F. King & Co., Inc. is the tender agent and information agent.

About HF Sinclair Corporation: HF Sinclair Corporation, headquartered in Dallas, Texas, is an independent energy company that produces and markets high-value light products such as gasoline, diesel fuel, jet fuel, renewable diesel, and lubricants, and other specialty products. HF Sinclair owns and operates refineries located in various states and provides petroleum product and crude oil transportation, terminalling, storage, and throughput services to its refineries and the petroleum industry. The corporation also markets its refined products principally in the southwest U.S., the Rocky Mountains extending into the Pacific Northwest, and in other neighboring plains states.

For further information, contact: Craig Biery, Vice President, Investor Relations HF Sinclair Corporation 214-954-6510 The market has reacted to these announcements by moving the company's shares -2.8% to a price of $35.82. For more information, read the company's full 8-K submission here.

The above analysis is intended for educational purposes only and was performed on the basis of publicly available data. It is not to be construed as a recommendation to buy or sell any security. Any buy, sell, or other recommendations mentioned in the article are direct quotations of consensus recommendations from the analysts covering the stock, and do not represent the opinions of Market Inference or its writers. Past performance, accounting data, and inferences about market position and corporate valuation are not reliable indicators of future price movements. Market Inference does not provide financial advice. Investors should conduct their own review and analysis of any company of interest before making an investment decision.

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